CHICAGO, April 27, 2011 /PRNewswire/ -- Lincoln Renewable Energy (LRE), a developer of U.S. solar and wind power projects, today announced the close of a $41 million power sales and project finance deal with Macquarie Energy LLC. As part of the deal, Macquarie Energy will enter into a long-term purchase agreement for power and renewable energy credits from LRE's New Jersey Oak Solar project. Macquarie Energy will also provide construction finance and term debt to the project. LRE will be the long-term owner of the facility.
The New Jersey Oak Solar project is a 10-megawatt solar photovoltaic (PV) project to be constructed in Fairfield Township, Cumberland County. The project will consist of some 55,000 solar panels constructed on a 100-acre site and will connect to Atlantic City Electric's distribution system. When completed later this year, the New Jersey Oak Solar project will be the largest non-utility owned solar project east of the Mississippi.
LRE also announced it has signed an agreement with The Ryan Company, a subsidiary of Quanta Services Inc. (NYSE: PWR) for the construction of the Oak Solar facility. Quanta Renewable Energy Services and The Ryan Company will provide comprehensive engineering, procurement and construction services. Following project completion, Quanta will operate and maintain the facility under contract with LRE. Construction is projected to begin in June with an estimated project completion date of December.
"We are delighted to reach this critical milestone in the development of our Oak Solar project," commented LRE CEO Declan Flanagan. "This highly innovative project clearly demonstrates that when the right policies are in place, even in the current difficult economy, investment will flow to create much-needed energy infrastructure. The result is not just clean energy, but employment and a major boost to the local tax base.""LRE has moved the Oak Solar project from site identification through permitting, financing and into construction in under 18 months. This rapid deployment needs to be replicated across the United States and the formula is simple: With the right policies at state and federal levels, companies such as LRE will do the rest," continued Flanagan. "Quanta is pleased to add the Oak Solar project to our growing portfolio of solar project work," said John R. Colson, chairman and CEO of Quanta Services. "As one of the largest contractors serving the renewable industry, our mission is to work with our customers and suppliers in increasing efficiency and lowering costs to help solar reach its full potential as a cost-competitive source of clean energy." Lincoln Renewable Energy is developing solar photovoltaic (PV) projects in multiple East and West Coast markets, managed from offices in Chicago, Denver and New Jersey. LRE is actively developing projects in 10 states totaling some 700 megawatts across 25 projects. Since its formation in 2009, LRE has grown to become one of the leading independent developers of solar projects in the U.S. To date, LRE has raised more than $65 million in equity and project finance to fund its rapid growth. b About LRE Lincoln Renewable Energy develops utility-scale solar and wind power projects from greenfield concept to commercial operation. Its management team has a proven track record in renewable-energy development. Their efforts have led to the construction of more than 3,000 megawatts of renewable energy in North America and Europe over the past 10 years. Since its formation in 2009, LRE has grown rapidly to be one of the leading independent developers of solar projects in the United States. With offices in Chicago, Denver and Hoboken, N.J., LRE operates on a national scale. To date, LRE has raised more than $65 million in equity and project finance to fund its rapid growth. Investors include Austin Ventures, a Texas-based investment firm with $4 billion in capital under management. For more information, please visit www.lincolnrenewableenergy.com. About New Jersey Oak Solar LLC
- 100 acres of privately owned, non-agricultural land in Cumberland County, N.J.
- Site Plan approval for a solar project granted to LRE in August 2010.
- Project will connect to Atlantic City Electric's distribution system.
- Will produce enough electricity to power more than 2,000 homes.